IEA to Release 400 Million Barrels as Oil Prices Soar

Thirty-two member countries of the International Energy Agency are preparing to release a historic volume of oil from emergency reserves in an effort to stabilize global markets as energy prices spike.

The coordinated move will unlock around 400 million barrels of oil, marking the largest collective release of strategic reserves ever organized by the agency. The decision comes as tensions around the Strait of Hormuz disrupt global energy flows.

The crisis has been triggered by Iran’s tightening control over the strategic shipping lane of the Strait of Hormuz, one of the world’s most critical oil transit routes.

Energy analysts say pressure on the strait has sent shockwaves through global energy markets. Roughly a fifth of the world’s oil supply typically passes through the narrow waterway, making any disruption immediately felt in global prices.

To counter the price surge, several major economies—including Germany and Japan—are among the countries preparing to tap their strategic petroleum reserves.

Strategic reserves are maintained by governments to provide emergency supply during severe disruptions to global energy markets, such as wars or major supply shocks.

Officials say the coordinated release is intended to inject immediate supply into the market and help calm investor fears that shortages could worsen.